Edelweiss Aggressive Hybrid Fund vs HDFC BSE 500 Index Fund
Direct Plan, Growth option · Data as on 30-10-2026
Edelweiss Aggressive Hybrid Fund is an Aggressive Hybrid fund and HDFC BSE 500 Index Fund is an Index fund. In the 3 years to 30-10-2026, Edelweiss Aggressive Hybrid Fund (Direct) returned 12.8% a year and HDFC BSE 500 Index Fund (Direct) returned 9.3% a year. Edelweiss Aggressive Hybrid Fund charges 0.69% a year and HDFC BSE 500 Index Fund 0.35% (Direct plans). Their portfolios overlap 44.7%: they hold 81 of the same securities.
Edelweiss Aggressive Hybrid Fund
Aggressive Hybrid
- 3 year return
- 12.8%
- Expense ratio
- 0.69%
- NAV
- ₹73.75
Which is better, Edelweiss Aggressive Hybrid or HDFC BSE 500 Index? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Edelweiss Aggressive Hybrid returned more over 3 years: 12.8% a year against 9.3%.
- Edelweiss Aggressive Hybrid returned more over 1 year: −2.0% against −8.0%.
- HDFC BSE 500 Index costs less: 0.35% a year against 0.69% (Direct plans).
- Edelweiss Aggressive Hybrid swung less over 3 years: a standard deviation of 10.6% a year against 14.1%.
- Edelweiss Aggressive Hybrid fell less in its worst fall since 21-04-2023: −12.0% against −18.8%.
- HDFC BSE 500 Index holds more in large companies: 67.0% of the fund in large caps against 48.3%.
- Edelweiss Aggressive Hybrid is the larger fund: ₹3,875 Cr against ₹313 Cr.
- Their portfolios overlap 44.7%: 81 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Edelweiss Aggressive Hybrid Fund | HDFC BSE 500 Index Fund |
|---|---|---|
| Fund house | Edelweiss Mutual Fund | HDFC Mutual Fund |
| Category | Aggressive Hybrid | Index |
| AUM | ₹3,875 Cr (30-09-2026) | ₹313 Cr (30-09-2026) |
| NAV | ₹73.75 (Direct) | ₹14.81 (Direct) |
| Expense ratio (Direct) | 0.69% | 0.35% |
| Expense ratio (Regular) | 2.07% | 0.84% |
| Riskometer | Very High | Very High |
| Benchmark | CRISIL Hybrid 35+65 - Aggressive Index | BSE 500 TRI |
| Launch date | 12-08-2009 | 21-04-2023 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Bharat Lahoti, Bhavesh Jain, Kedar Karnik, Rahul Dedhia | Nandita Menezes, Arun Agarwal |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 days. | NIL |
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Edelweiss Aggressive Hybrid Fund (Direct) | −0.12% | −3.09% | +0.07% | −1.98% | +12.76% | +12.64% | +13.16% |
| HDFC BSE 500 Index Fund (Direct) | −0.90% | −6.15% | −3.10% | −7.96% | +9.29% | -- | -- |
| Aggressive Hybrid average | −0.88% | −3.67% | −0.27% | −3.33% | +10.77% | +9.35% | +11.60% |
Category average: the average of the 29 Aggressive Hybrid funds, same plan type.
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Year-wise Returns
| Year | Edelweiss Aggressive HybridEdelweiss Aggressive Hybrid | HDFC BSE 500 IndexHDFC BSE 500 Index |
|---|---|---|
| 2026to date | −2.20% | −8.06% |
| 2025 | +7.61% | +7.17% |
| 2024 | +22.20% | +14.95% |
| 2023 | +27.70% | -- |
| 2022 | +7.44% | -- |
| 2021 | +29.45% | -- |
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of HDFC BSE 500 Index Fund
Rolling returns
Every 3-year holding period, 131 of them, one for each trading day from 21-04-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Edelweiss Aggressive Hybrid Fund (Direct)
HDFC BSE 500 Index Fund (Direct)
BSE 500 TRI
to
May 2026Jun 2023
to
Jun 2026Jul 2023
to
Jul 2026Aug 2023
to
Aug 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Edelweiss Aggressive Hybrid | 0.0 | 0.0 | 0.0 | 51.9 | 48.1 | 0.0 | 0.0 | 14.7% | 15.0% | 11.8% | 18.1% | 100% |
| HDFC BSE 500 Index | 0.0 | 0.0 | 25.2 | 72.5 | 2.3 | 0.0 | 0.0 | 11.6% | 11.9% | 7.9% | 15.8% | 0% |
| BSE 500 TRI | 0.0 | 0.0 | 18.3 | 74.0 | 7.6 | 0.0 | 0.0 | 12.2% | 12.5% | 8.4% | 16.5% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 21-04-2023. Past returns do not promise future returns.
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 03-04-2023 to 30-10-2026: 43 instalments, ₹4,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Edelweiss Aggressive HybridEdelweiss Aggressive Hybrid Fund (Direct) | ₹4,30,000 | ₹4,93,728 | ₹63,728 | 7.7% |
| HDFC BSE 500 IndexHDFC BSE 500 Index Fund (Direct) | ₹4,30,000 | ₹4,55,892 | ₹25,892 | 3.2% |
Edelweiss Aggressive HybridEdelweiss Aggressive Hybrid Fund (Direct)
HDFC BSE 500 IndexHDFC BSE 500 Index Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Edelweiss Aggressive Hybrid Fund (Direct) | HDFC BSE 500 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | −1.98% | −7.96% |
| Standard deviation | 10.63% | 14.18% |
| Sharpe ratio | -0.68 | -0.93 |
| Sortino ratio | -0.91 | -1.23 |
| Maximum drawdown | −9.9% (30-03-2026) | −14.8% (31-03-2026) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.34% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Edelweiss Aggressive Hybrid Fund (Direct) | HDFC BSE 500 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.76% | +9.29% |
| Standard deviation | 10.61% | 14.08% |
| Sharpe ratio | 0.63 | 0.23 |
| Sortino ratio | 0.86 | 0.31 |
| Maximum drawdown | −12.0% (28-02-2025) | −18.8% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.58% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Edelweiss Aggressive Hybrid Fund (Direct) | HDFC BSE 500 Index Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.43% | +11.82% |
| Standard deviation | 12.38% | 13.39% |
| Sharpe ratio | 0.60 | 0.42 |
| Sortino ratio | 0.81 | 0.57 |
| Maximum drawdown | −28.6% (23-03-2020) | −18.8% (28-02-2025) |
| Beta | -- | 1.00 |
| Alpha | -- | −0.58% |
From daily NAVs, 08-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Edelweiss Aggressive Hybrid Fund (Direct)
HDFC BSE 500 Index Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Edelweiss Aggressive Hybrid Fund (Direct) | −12.0% | 27-09-2024 | 28-02-2025 | 26-06-2025 | 4 months | −4.7% |
| HDFC BSE 500 Index Fund (Direct) | −18.8% | 26-09-2024 | 28-02-2025 | Not yet | -- | −10.1% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 21-04-2023, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Edelweiss Aggressive Hybrid Fund (Direct)
HDFC BSE 500 Index Fund (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Edelweiss Aggressive Hybrid Fund (Direct)
HDFC BSE 500 Index Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Edelweiss Aggressive Hybrid Fund (Direct) | 87% | 62% | 4.23% |
| HDFC BSE 500 Index Fund (Direct) | 98% | 101% | 0.13% |
From month-end values since 21-04-2023. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Portfolio Overlap
From each fund's latest monthly portfolio: Edelweiss Aggressive Hybrid Fund, September 2026; HDFC BSE 500 Index Fund, September 2026
Holdings in common
- Overlap
- 44.7%
- Held by both
- 81
- Only in Edelweiss Aggressive Hybrid
- 27
- Only in HDFC BSE 500 Index
- 419
| Security | % of Edelweiss Aggressive Hybrid | % of HDFC BSE 500 Index |
|---|---|---|
| ICICI Bank Ltd. | 4.16% | 5.02% |
| HDFC Bank Ltd. | 3.05% | 5.72% |
| Bharti Airtel Ltd. | 3.05% | 2.90% |
| Reliance Industries Ltd. | 2.73% | 4.16% |
| State Bank of India | 2.64% | 2.11% |
| Infosys Ltd. | 1.62% | 1.86% |
| Larsen & Toubro Ltd. | 1.62% | 2.32% |
| Kotak Mahindra Bank Ltd. | 1.51% | 1.62% |
| Mahindra & Mahindra Ltd. | 1.39% | 1.39% |
| ITC Ltd. | 1.30% | 1.34% |
| Bajaj Finance Ltd. | 1.27% | 1.36% |
| Tata Consultancy Services Ltd. | 1.11% | 1.10% |
| Sun Pharmaceutical Industries Ltd. | 2.12% | 1.04% |
| Titan Company Ltd. | 1.59% | 0.99% |
| Eternal Ltd. | 0.90% | 1.22% |
| NTPC Ltd. | 1.95% | 0.81% |
| Axis Bank Ltd. | 0.78% | 1.86% |
| Hindalco Industries Ltd. | 0.88% | 0.72% |
| Shriram Finance Ltd. | 0.71% | 0.72% |
| Ultratech Cement Ltd. | 0.74% | 0.68% |
| Grasim Industries Ltd. | 0.69% | 0.61% |
| InterGlobe Aviation Ltd. | 0.88% | 0.59% |
| Tech Mahindra Ltd. | 1.79% | 0.52% |
| Eicher Motors Ltd. | 0.69% | 0.52% |
| Divi's Laboratories Ltd. | 0.51% | 0.63% |
| TVS Motor Company Ltd. | 0.75% | 0.50% |
| Meesho Ltd. | 0.76% | 0.47% |
| Oil & Natural Gas Corporation Ltd. | 0.47% | 0.46% |
| Tata Steel Ltd. | 0.46% | 0.80% |
| Multi Commodity Exchange Of India Ltd. | 0.85% | 0.44% |
| Apollo Hospitals Enterprise Ltd. | 0.46% | 0.44% |
| Laurus Labs Ltd. | 0.97% | 0.41% |
| Hindustan Unilever Ltd. | 0.41% | 0.89% |
| JSW Steel Ltd. | 0.37% | 0.63% |
| Avenue Supermarts Ltd. | 0.82% | 0.33% |
| Bharat Heavy Electricals Ltd. | 0.37% | 0.32% |
| VARUN BEVERAGES LIMITED | 0.56% | 0.31% |
| CG Power and Industrial Solutions Ltd. | 0.51% | 0.31% |
| GE Vernova T&D India Limited | 0.77% | 0.27% |
| Lupin Ltd. | 0.46% | 0.26% |
| Solar Industries India Ltd. | 0.87% | 0.25% |
| FSN E-Commerce Ventures Ltd. | 0.66% | 0.23% |
| Ashok Leyland Ltd. | 0.37% | 0.23% |
| Fortis Healthcare Ltd. | 0.63% | 0.21% |
| Vodafone Idea Ltd. | 0.50% | 0.19% |
| The Phoenix Mills Ltd. | 0.39% | 0.19% |
| Glenmark Pharmaceuticals Ltd. | 0.91% | 0.18% |
| Radico Khaitan Ltd. | 0.67% | 0.18% |
| Aditya Birla Capital Ltd. | 0.37% | 0.17% |
| Muthoot Finance Ltd. | 0.74% | 0.16% |
| Apar Industries Ltd. | 0.73% | 0.16% |
| Navin Fluorine International Ltd. | 0.59% | 0.16% |
| JSW Energy Ltd. | 0.47% | 0.16% |
| National Aluminium Company Ltd. | 0.42% | 0.16% |
| Zydus Lifesciences Ltd. | 0.39% | 0.15% |
| Billionbrains Garage Ventures Ltd. | 1.29% | 0.14% |
| Steel Authority of India Ltd. | 1.03% | 0.14% |
| Ather Energy Ltd. | 0.59% | 0.14% |
| MRF Ltd. | 0.73% | 0.13% |
| RBL Bank Ltd. | 0.62% | 0.13% |
| UNO Minda Ltd. | 0.43% | 0.11% |
| Mahindra & Mahindra Financial Services Ltd | 0.34% | 0.11% |
| Exide Industries Ltd. | 0.69% | 0.10% |
| Neuland Laboratories Ltd. | 0.69% | 0.10% |
| Krishna Inst of Medical Sciences Ltd. | 0.38% | 0.10% |
| Craftsman Automation Ltd. | 1.15% | 0.08% |
| Schaeffler India Ltd. | 0.66% | 0.08% |
| Premier Energies Ltd. | 0.58% | 0.08% |
| Data Patterns (India) Ltd. | 0.27% | 0.07% |
| Cholamandalam Financial Holdings Ltd. | 0.20% | 0.07% |
| ZF Commercial Vehicle Ctrl Sys Ind Ltd. | 0.40% | 0.06% |
| Gabriel India Ltd. | 0.51% | 0.05% |
| Bharat Dynamics Ltd. | 0.29% | 0.05% |
| R R Kabel Ltd. | 0.65% | 0.04% |
| Aadhar Housing Finance Ltd. | 0.35% | 0.04% |
| CCL Products (India) Ltd. | 0.34% | 0.04% |
| CEAT Ltd. | 0.34% | 0.04% |
| Creditaccess Grameen Ltd. | 0.33% | 0.04% |
| Aether Industries Ltd. | 0.37% | 0.03% |
| Honasa Consumer Ltd. | 0.31% | 0.03% |
| Tenneco Clean Air India Ltd. | 0.21% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.7% means 44.7% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Edelweiss Aggressive Hybrid Fund
| Security | % of fund |
|---|---|
| EDELWEISS MONEY MARKET FUND - DIRECT PL | 5.20% |
| EDELWEISS ULTRA SHORT TERM FUND | 5.19% |
| 7.65% HDB FIN SERV NCD 10-09-27 | 1.93% |
| 7.92% ADITYA BIRLA CAP NCD RED 27-12-27 | 1.93% |
| 7.40% BHARTI TELE XXVIII 01-02-29 | 1.26% |
Largest holdings only in HDFC BSE 500 Index Fund
| Security | % of fund |
|---|---|
| Maruti Suzuki India Limited | 0.81% |
| Bharat Electronics Ltd. | 0.74% |
| Adani Ports & Special Economic Zone | 0.74% |
| HCL Technologies Ltd. | 0.69% |
| Power Grid Corporation of India Ltd. | 0.63% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Edelweiss Aggressive Hybrid | HDFC BSE 500 Index |
|---|---|---|
| Equity | 74.3% | 99.8% |
| Debt | 8.2% | 0.0% |
| Cash and others | 17.4% | 0.2% |
Market cap of stocks
| Market cap | Edelweiss Aggressive Hybrid | HDFC BSE 500 Index |
|---|---|---|
| Large Cap | 48.3% | 67.0% |
| Mid Cap | 13.9% | 21.5% |
| Small Cap | 10.7% | 11.3% |
| Not on AMFI's list | 1.5% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Edelweiss Aggressive Hybrid | HDFC BSE 500 Index |
|---|---|---|
| Banks | 12.8% | 19.4% |
| Finance | 4.6% | 6.4% |
| Pharmaceuticals & Biotechnology | 6.0% | 5.8% |
| IT - Software | 4.5% | 5.8% |
| Auto Components | 5.5% | 2.4% |
| Petroleum Products | 2.7% | 5.0% |
| Automobiles | 3.4% | 4.9% |
| Retailing | 4.0% | 4.0% |
The six largest sectors of each fund's stocks, % of the fund.
Edelweiss Aggressive Hybrid vs HDFC BSE 500 Index: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Edelweiss Aggressive Hybrid Fund | HDFC BSE 500 Index Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.69% | 0.35% |
| Base expense ratio (Direct) | 0.36% | 0.24% |
| Total expense ratio (Regular) | 2.07% | 0.84% |
| Base expense ratio (Regular) | 1.55% | 0.65% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Edelweiss Aggressive Hybrid Fund vs HDFC BSE 500 Index Fund: Frequently Asked Questions
What is the difference between Edelweiss Aggressive Hybrid Fund and HDFC BSE 500 Index Fund?
Edelweiss Aggressive Hybrid Fund is an Aggressive Hybrid fund, HDFC BSE 500 Index Fund is an Index fund, run by Edelweiss Mutual Fund and HDFC Mutual Fund. Their portfolios overlap 44.7%. Edelweiss Aggressive Hybrid Fund charges 0.69% a year and HDFC BSE 500 Index Fund 0.35%.
Which has given higher returns, Edelweiss Aggressive Hybrid Fund or HDFC BSE 500 Index Fund?
Over 1 year: Edelweiss Aggressive Hybrid Fund −1.98%, HDFC BSE 500 Index Fund −7.96%. Over 3 years: Edelweiss Aggressive Hybrid Fund +12.76% a year, HDFC BSE 500 Index Fund +9.29% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Edelweiss Aggressive Hybrid Fund or HDFC BSE 500 Index Fund?
HDFC BSE 500 Index Fund charges less: 0.35% a year against 0.69%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Edelweiss Aggressive Hybrid Fund and HDFC BSE 500 Index Fund overlap?
44.7%. They hold 81 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Edelweiss Aggressive Hybrid Fund or HDFC BSE 500 Index Fund?
On SEBI's riskometer, Edelweiss Aggressive Hybrid Fund is rated Very High and HDFC BSE 500 Index Fund Very High. Over 3 years, the standard deviation of daily returns was 10.61% and 14.08% a year.
Which is better for SIP, Edelweiss Aggressive Hybrid Fund or HDFC BSE 500 Index Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,01,950 in Edelweiss Aggressive Hybrid Fund (XIRR 5.3% a year) and ₹3,73,702 in HDFC BSE 500 Index Fund (XIRR 0.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Edelweiss Aggressive Hybrid Fund and HDFC BSE 500 Index Fund?
Yes. 44.7% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Edelweiss Aggressive Hybrid Fund and HDFC BSE 500 Index Fund?
Edelweiss Aggressive Hybrid Fund: Bharat Lahoti, Bhavesh Jain, Kedar Karnik, Rahul Dedhia. HDFC BSE 500 Index Fund: Nandita Menezes, Arun Agarwal.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.